DOL fiduciary rule forces Merrill to drop commission IRAs
October 12, 2016 by Melanie Waddell
Joining the league of other broker-dealers mulling changes to their businesses in light of the Department of Labor’s fiduciary rule, Merrill Lynch said Thursday that beginning in April, the company will cease offering new advised, or commission-based, brokerage IRA accounts.
Merrill plans to encourage its retirement clients to consult with their advisor about whether to move their brokerage IRA accounts to Merrill Lynch One, the BD’s Investment Advisory Program that offers a single, asset-based fee schedule, if they would like to continue to receive investment advice.
Merrill Lynch One, the firm said, helps Merrill to “improve the client experience and to provide increased transparency into fees, risks and outcomes,” adding that another alternative for investors is the brokerage’s self-directed and guided investing channels offered via Merrill Edge.
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